2022-11-25 · timestamps by ADAtainment
UPD 25/11/2022
- A response to the Ardana and Orbis projects discontinuing operations, which the community first learned about through Twitter.
- It was distasteful that the leadership blamed Cardano, since Ethereum famously raised 18 million, lost half to volatility, and still delivered; this was a leadership failure.
- No single entity like IOG, Emurgo, or the Cardano Foundation curates the ecosystem, so accountability is a collective effort.
- Cardano remains strong with over 1200 projects and Vasil live, but 80 to 90 percent of new ventures fail, and the crypto media will spin this as Cardano dying.
- The lesson is better due diligence and accountability: projects in a position of public trust should engage regularly and disclose trouble before they fail, not after.
13 entries
Ardana and Orbis, two projects that shared leadership, have discontinued operations, announced on Twitter after community grumblings.
As an investor through the C Fund, which also backed Wing Riders and Sundae, this looks like a total loss.
Blaming Cardano was distasteful, since Ethereum raised 18 million, lost 9 million to volatility, and still delivered the second most valuable cryptocurrency.
The trouble was not a funding or platform issue but a leadership issue, since people sometimes just do not execute.
The C Fund first learned of the trouble through Twitter at the same time as everyone else, which should not have happened.
No single entity runs the show: not IOG, not Emurgo, not the CF, so doing better is everyone's collective effort.
Cardano is strong with over 1200 projects, more than 100 launched, growing NFTs, stablecoins coming, working dexes, and Vasil live.
The crypto media will use this to claim Cardano is dead, but in venture capital 80 to 90 percent of projects fail.
Cardano's magic is resilience, shown at a Cardano Summit with over 50 distributed events worldwide and thousands attending.
The community needs better due diligence and to demand accountability, with projects in public trust giving regular updates and honest source code.
A business idea has to survive a bear market to be legitimate, since many were only viable in a bull market.
If a project is going to fail, it should tell its investors before going to Twitter, and that behavior should follow the founders.
There is good news on the horizon: CIP 1694 is out for review, the constitution is coming, and the MBO is under construction.